Company type | Public company |
---|---|
NYSE:
DVN S&P 500 component | |
Industry | Petroleum industry |
Founded | 1971 |
Founder | John Nichols J. Larry Nichols |
Headquarters | Devon Energy Center, , |
Key people | Rick Muncrief,
CEO &
President Jeffrey L. Ritenour, CFO |
Products |
Petroleum Natural gas Natural gas liquids |
Production output | 572 thousand barrels of oil equivalent (3,500,000 GJ) per day (2021) |
Revenue | $12.206 billion (2021) |
$2.808 billion (2021) | |
Total assets | $21.025 billion (2021) |
Total equity | $9.399 billion (2021) |
Number of employees | 1,600 (2021) |
Website |
www |
Footnotes / references [1] |
Devon Energy Corporation is an energy company engaged in hydrocarbon exploration in the United States. It is organized in Delaware and its corporate operative headquarters are in the 50-story Devon Energy Center in Oklahoma City, Oklahoma. Its primary operations are in the Barnett Shale STACK formation in Oklahoma, Delaware Basin, Eagle Ford Group, and the Rocky Mountains. [1]
In 2023 the company ranked 216th on the Fortune 500 [2] and 445th on the Forbes Global 2000. [3]
As of December 31, 2021, the company had proved reserves of 1,625 million barrels of oil equivalent (9.94×109 GJ), of which 44% was petroleum, 27% was natural gas liquids, and 29% was natural gas. [1]
Devon was founded in 1971 by John Nichols and his son, J. Larry Nichols. [4] In 1988, the company became a public company via an initial public offering. [4] In August 2000, the company was added to the S&P 500. [5] In 2004, Devon was one of several companies in the petroleum industry for which shareholder resolutions were introduced that would have required the companies to monitor their effects on climate change. [6] In August 2008, co-founder John Nichols died. [4]
In March 2010, the company sold assets in Brazil, Azerbaijan, and the Gulf of Mexico to BP for $7 billion. [7] In October 2012, the company completed construction of its current headquarters, the 50-story Devon Energy Center in Oklahoma City, Oklahoma and closed its office in the Allen Center in Downtown Houston. [8] In April 2014, the company sold its conventional assets in Canada to Canadian Natural Resources for C$3.125 billion. [9] In June 2014, the company sold assets to Linn Energy for $2.3 billion. [10]
In August 2015, Dave Hager was named president and chief executive officer of the company. [11] In February 2016, Devon announced plans to lay off 1,000 employees, including 700 in Oklahoma City, and cut its dividend as part of a cost-cutting effort due to low prices of its products. [12] [13] In 2017, the company sold its Lavaca County assets in the Eagle Ford. [14] In June 2019, the company sold its assets in Canada to Canadian Natural Resources for CAD $3.8 billion. [15] [16] In November 2019, the company almost capped a blowout at a natural gas well, which prompted authorities to seal off thousands of acres of land near the Eagle Ford Shale towns of Yorktown and Nordheim. Crews were able to install a capping stack on the well to reduce natural gas flowing from the well. [17]
# | Year | Company | Price | Description of Assets | Ref(s). |
---|---|---|---|---|---|
1 | 1992 | Hondo Oil and Gas | $122 million | Oil and gas reserves and seven natural gas processing plants | [18] |
2 | 1996 | Kerr-McGee | $250 million | North American onshore oil and gas properties; 370,000 net acres of undeveloped drilling rights | [19] |
3 | 1998 | Northstar Energy | $750 million | Oil and gas properties in Canada | [20] |
4 | 1999 | PennzEnergy | $2.2 billion | Oil and gas properties in the Gulf of Mexico | [21] |
5 | 2000 | Santa Fe Snyder | $3.35 billion | Oil and gas properties in the Permian Basin, Rocky Mountains, and the Gulf of Mexico | [5] [22] |
6 | 2001 | Anderson Exploration | $4.6 billion | Oil and gas properties in Canada | [23] |
7 | 2002 | Mitchell Energy | $3.1 billion | Oil and gas properties in the Barnett Shale of Texas | [24] |
8 | 2003 | Ocean Energy | $5.3 billion | Deepwater sites in the Gulf of Mexico | [25] |
9 | 2006 | Chief Oil and Gas | $2.2 billion | Barnett Shale leaseholds | [26] |
10 | 2014 | GeoSouthern Energy | $6.1 billion | Eagle Ford assets | [27] |
11 | 2014 | Crosstex Energy | Merger of midstream assets to form EnLink Midstream, LLC | [28] | |
12 | 2015 | Felix Energy | $2.5 billion | Oil and gas properties in the Powder River Basin and Anadarko Basin | [29] |
13 | 2021 | WPX Energy | $2.56 billion | Oil and gas properties in the Williston Basin and the Permian Basin | [30] |
14 | 2022 | Validus Energy | $1.8 billion | Eagle Ford assets | [31] |
Devon contributed over $1 million in each of the last 3 U.S. election cycles, almost entirely to organizations and individuals affiliated with the Republican Party. [32] In 2016, the company contributed $750,000 to the Senate Leadership Fund, whose goal is to protect the Republican majority in the United States Senate. It also gave $500,000 to the Congressional Leadership Fund, whose goal is to protect the Republican majority in the United States House of Representatives. [33]
Devon and its lobbyists have been noted to have close ties to government officials. In 2014, an investigation by The New York Times uncovered that a three-page letter signed by Scott Pruitt, then the Attorney General of Oklahoma, to the United States Environmental Protection Agency advocating for a relaxing of laws related to hydraulic fracturing was actually written by lobbyists for Devon Energy and not by Pruitt. [34]
In 2015, a shareholder resolution was introduced that would have required the company to disclose its lobbying activity against regulations to prevent climate change. The resolution received votes of support by approximately 20% of shareholders. [35]